PRe-APPROVAL

Your first step in purchasing a home is going to be obtaining pre-approval. Pre-Approval will require the following steps:

• Having a preliminary conversation covering basic qualifications such as work history and income, residential history, target purchase price, funds available for the transaction and pulling up a copy of the credit report (which does not harm you—more on this in our blog). 

• Providing documentation such as pay stubs, bank/retirement account statements and 2 years of W2s (tax returns if you’re self-employed).

• The documentation provided as well as your credit report and Automated Underwriting System findings should be reviewed and a Pre-Approval Letter issued.

SHOPPING FOR A HOME

The next step in the process is working with a Real Estate Agent to find a home that fits you and secure an accepted offer. Ways that we can assist in helping to secure your offer:

• We will work closely with your Agent to tailor your offer to your strengths via their expertise and knowledge.

• Keeping communication open amongst all parties as well as providing Property Specific Pre-Approval Letters if needed

• Lightning-fast closing times. If there’s anything a Listing Agent likes to hear in a hot market, it’s that you can close your loan quickly.

OFFER ACCEPTED

You’ve gone through Pre-Approval, saw your houses, made your offers and got one accepted. Now what? This begins your journey through Processing and Underwriting. Here’s what you can expect:

• You’re going to have to provide a copy of the signed Purchase Agreement as well as updated pay stubs and financial account statements. Also, we always advise you to schedule a home inspection as soon as possible.

• Appraisal (if necessary) and Title Work will be ordered immediately after the inspection is completed. The appraisal and home inspection are the only out-of-pocket expenses you will have before closing.

• Underwriting and Processing will compile and review your documents and issue a conditional approval outlining the documents required to close on your loan. We will collect those documents and submit them back to Underwriting along with the appraisal and title work. Once reviewed, you will be cleared to close and schedule the closing date on your new home. Congratulations!